Putting monetary values on beaches and coral reefs

THE ecosystem services, or ecoservices, provided by nature are fundamental to human evolution and economic prosperity. The natural assets which generate these services are referred to as natural capital. Tourism dollars attracted by beaches and coral reefs are just one of many services that coastal and other ecosystems provide.

Sadly, the full economic value of many of these free ecoservices and inclusion of the associated natural capital in economic accounts at national or subnational level were never fully recognised and developed.

Assigning monetary values to these assets and their services will help policymakers make informed decisions. The inclusion of ecoservices at their net present value of benefits and related avoided cost can strengthen the economic viability of much essential environmental infrastructure.